Section 25 - Substitution of New Section For Section 115 - Finance (No. 2) Act, 1971

25. Substitution of New Section For Section 115 For section 115 of the Income-tax Act, the following section shall be substituted with effect from the 1st day of April, 1972, namely :- 115. Tax on capital gains in case of companies. - Where the total income of a company includes any income chargeable under the head Capital gains relating to capital assets other than short-term capital assets (such income being hereinafter referred to as long-term capital gains), the income-tax payable shall be the aggregate of - (i) the amount of income-tax calculated on the amount of long-term capital gains in the total income - (a) at the rate of forty-five per cent. on so much of the amount of such long-term capital gains as relate to buildings or lands or any rights in buildings or lands; and (b) at the rate of thirty-five per cent. on the balance of such long-term capital gains, if any; and (ii) the amount of income-tax with which it would have been chargeable had its total income been reduced by the amount of long-term capital gains referred to in clause (i). .